The Good Finance slogan is “guaranteed cheaper than fast loans”. It is perhaps a somewhat strange slogan for a company that is active in just a fast loan. What is meant is the opportunity the customers have to get any better offers matched. In short, Good Finance matches all other offers to be the cheapest.
This is how Good Finance’s price guarantee works
The price guarantee offer is an uncomplicated story. Should you find a quick loan with lower costs than Good Finance offers, the lender will match the cheaper offer. To further reward you, you will also receive an additional discount of 10%.
The price guarantee does not apply to all types of loans, but only those that can be directly compared with Good Finance’s loan product. It is about:
- Loan sums of between USD 1,000 – 30,000
- Maturities of 30, 60 or 90 days.
It is therefore not possible to invoke the price guarantee for, for example, a fast loan of USD 5000, which will be repaid over six months.
There are also some other exceptions. Loans that may be free of interest and fees are not covered by the guarantee. Nor can it be relied upon for temporary offers from other lenders. Credits with individual interest rates are another exception, as are peer to peer loans. For more information about the offer, please see Good Finance’s terms and conditions.
Important to know is that the guarantee is not an obligation on the lender to repay money to you. The guarantee only applies if you, before applying for a loan from Good Finance, can show a cheaper offer from another operator. Your “reward” for discovering the cheaper competitor will be the match and the 10% discount.
Quick loans at Good Finance
What kind of loan product does Good Finance really offer? You can read all the details in our review of Good Finance. Here is a brief summary of the offer.
The product is a current account credit. What this means is that the repayment and thus also the maturity is flexible. Thus, it is not so that your loan amount should be amortized over a certain number of months. Of course, however, there is a minimum amount to pay each month. How large that amount will be depends on how much you borrow.
The lowest and highest loan amounts are USD 1000 and USD 30,000 respectively. On that amount, interest is calculated monthly at 2.17%. How much you borrow does not matter. The interest rate is always 2.17% regardless of whether you borrow for example USD 5,000 or USD 10,000. There is a relatively low price for this type of credit, which is why Good Finance can offer a price guarantee.
Without annual fees, setup fees and newspaper fees, the effective annual interest rate will be below 30%. In addition, it should be mentioned that the lack of fees means that the entire interest expense is deductible (up to 30%) on tax paid.
Example of monthly interest: You apply for a credit of USD 8000. The interest rate per month will then be USD 173.
The design for Good Finance’s quick loan makes the product an alternative to credit cards and credit accounts. You can get quick withdrawals when you need money quickly and can pay back pretty much at your own pace.
Some months you may settle for the smallest monthly amount while paying a little more other months. Of course, it does not cost extra to redeem part or all of the credit early.